Millennials put career prospects ahead of pay

Jewellery professionals looking to recruit and retain the millennial generation need to offer a clear vision on career progression, according to research from Robert Walters, a global recruitment specialist.

There is not a strict consensus on the age range of millennials, but they are typically described as being born in the 1980s and 90s, so are aged in their twenties or early thirties today.

The Robert Walters report, Attracting and Retaining Millennial Professionals, found that 91% of millennials say the opportunity for rapid career progression is one of the most important things about their job, but more than half of employers fail to provide clear guidelines for progression.

Story continues below

Advertisement

The study also found that millennials favour employers who are tech-savvy. And they want to feel part of a social network in the workplace.

Salary and bonuses are important, but do not stand above employees looking for meaningful careers.

The research, which surveyed employers and professionals from a range of fields, revealed that this desire for career progression is central to attracting and retaining millennial employees, as well as keeping them engaged in their role.

53% of Millennials reported that they had been disappointed by a lack of training and development in a new job and 68% cited a clear path for career progression as the most important factor in keeping employees engaged.

However this ambition was not always seen positively by employers, 69% felt that demand for rapid career progression was the most common cause of intergenerational conflict at work.

During the economic downturn many millennials were forced to compromise on job expectations. 53% took a lower salary than they had hoped for and 31% took work outside their preferred sector or discipline.

This has shaped millennial attitudes towards their career, and as the economic situation stabilises, many are ready to progress to more senior roles with more generous compensation packages.

One in four said that being offered a more generous compensation package elsewhere would be the most likely reason they would change jobs.

Millennials place high value on transparency from their employer regarding career progress, with 71% strongly agreeing that employers should make the criteria necessary to achieve promotions or bonuses clear. In contrast, just 40% of employers said that they do this.

Another priority for millennial professionals was finding an employer who embraced technology, with 53% saying that they would be more likely to take a job with an employer who used the same technology that they do themselves.

42% said that employers should always seek to implement the latest technologies even if the cost is high.

Millennials value a social workplace, with 30% saying that a social outing with their colleagues was the most important part of their induction at a new job. 75% of Millennials considered an engaging and fun workplace an important or very important part of their job.